{"schema":1,"generated_at":"2026-10-08T19:35:19Z","name":"Risk parity (equal risk contribution): holdings at each month-end","resolution":"month-end","meta":{"spec":"docs/research/models_v1_spec.md","disclaimer":"Rules registered in advance and tracked in public. Not investment advice: a model's holdings describe what its rule says, not what anyone should buy. Backtests before a model's entry date are not evidence of future results.","as_of":"2026-10-06","n_trials":191,"signal_freshness":{"cape":"2026-08-31","yield_gap":"2026-10-08","pe_n500":"2026-10-08"},"notes":["Returns after costs. After-tax figures: resident individual in the 30% slab, Indian capital-gains rules by date, everything sold at the end.","Foreign legs: S&P 500 and Nasdaq-100 price indices in rupees, held through LRS (0.60% each way, 0.10% a year), one session behind the NSE close.","dsr_* is the deflated Sharpe ratio over all counted trials; 0.95 is the usual bar."],"source":"tipsheet models, computed from NSE total-return indices, domestic gold (World Gold Council), the NSE 5-year G-sec index, the 91-day T-bill, and for foreign legs the S&P 500 and Nasdaq-100 in rupees (ECB rates).","assets":{"w_gold":"Gold (domestic, rupees)","w_gsec5":"G-sec 5-year (NSE benchmark index)","w_n500":"Nifty 500"}},"dates":["2005-04-29","2005-05-31","2005-06-30","2005-07-29","2005-08-31","2005-09-30","2005-10-31","2005-11-30","2005-12-30","2006-01-31","2006-02-28","2006-03-31","2006-04-29","2006-05-31","2006-06-30","2006-07-31","2006-08-31","2006-09-29","2006-10-31","2006-11-30","2006-12-29","2007-01-31","2007-02-28","2007-03-30","2007-04-30","2007-05-31","2007-06-29","2007-07-31","2007-08-31","2007-09-28","2007-10-31","2007-11-30","2007-12-31","2008-01-31","2008-02-29","2008-03-31","2008-04-30","2008-05-30","2008-06-30","2008-07-31","2008-08-29","2008-09-30","2008-10-31","2008-11-28","2008-12-31","2009-01-30","2009-02-27","2009-03-31","2009-04-29","2009-05-29","2009-06-30","2009-07-31","2009-08-31","2009-09-30","2009-10-30","2009-11-30","2009-12-31","2010-01-29","2010-02-26","2010-03-31","2010-04-30","2010-05-31","2010-06-30","2010-07-30","2010-08-31","2010-09-30","2010-10-29","2010-11-30","2010-12-31","2011-01-31","2011-02-28","2011-03-31","2011-04-29","2011-05-31","2011-06-30","2011-07-29","2011-08-30","2011-09-30","2011-10-31","2011-11-30","2011-12-30","2012-01-31","2012-02-29","2012-03-30","2012-04-30","2012-05-31","2012-06-29","2012-07-31","2012-08-31","2012-09-28","2012-10-31","2012-11-30","2012-12-31","2013-01-31","2013-02-28","2013-03-28","2013-04-30","2013-05-31","2013-06-28","2013-07-31","2013-08-30","2013-09-30","2013-10-31","2013-11-29","2013-12-31","2014-01-31","2014-02-28","2014-03-31","2014-04-30","2014-05-30","2014-06-30","2014-07-31","2014-08-28","2014-09-30","2014-10-31","2014-11-28","2014-12-31","2015-01-30","2015-02-28","2015-03-31","2015-04-30","2015-05-29","2015-06-30","2015-07-31","2015-08-31","2015-09-30","2015-10-30","2015-11-30","2015-12-31","2016-01-29","2016-02-29","2016-03-31","2016-04-29","2016-05-31","2016-06-30","2016-07-29","2016-08-31","2016-09-30","2016-10-30","2016-11-30","2016-12-30","2017-01-31","2017-02-28","2017-03-31","2017-04-28","2017-05-31","2017-06-30","2017-07-31","2017-08-31","2017-09-29","2017-10-31","2017-11-30","2017-12-29","2018-01-31","2018-02-28","2018-03-28","2018-04-30","2018-05-31","2018-06-29","2018-07-31","2018-08-31","2018-09-28","2018-10-31","2018-11-30","2018-12-31","2019-01-31","2019-02-28","2019-03-29","2019-04-30","2019-05-31","2019-06-28","2019-07-31","2019-08-30","2019-09-30","2019-10-31","2019-11-29","2019-12-31","2020-01-31","2020-02-28","2020-03-31","2020-04-30","2020-05-29","2020-06-30","2020-07-31","2020-08-31","2020-09-30","2020-10-30","2020-11-27","2020-12-31","2021-01-29","2021-02-26","2021-03-31","2021-04-30","2021-05-31","2021-06-30","2021-07-30","2021-08-31","2021-09-30","2021-10-29","2021-11-30","2021-12-31","2022-01-31","2022-02-28","2022-03-31","2022-04-29","2022-05-31","2022-06-30","2022-07-29","2022-08-30","2022-09-30","2022-10-31","2022-11-30","2022-12-30","2023-01-31","2023-02-28","2023-03-31","2023-04-28","2023-05-31","2023-06-30","2023-07-31","2023-08-31","2023-09-29","2023-10-31","2023-11-30","2023-12-29","2024-01-31","2024-02-29","2024-03-28","2024-04-30","2024-05-31","2024-06-28","2024-07-31","2024-08-30","2024-09-30","2024-10-31","2024-11-29","2024-12-31","2025-01-31","2025-02-28","2025-03-28","2025-04-30","2025-05-30","2025-06-30","2025-07-31","2025-08-29","2025-09-30","2025-10-31","2025-11-28","2025-12-31","2026-01-30","2026-02-27","2026-03-30","2026-04-30","2026-05-29","2026-06-30","2026-07-31","2026-08-31","2026-09-30","2026-10-06"],"series":{"w_gold":[23.89,23.18,23.94,24.02,25.06,24.44,23.24,22.37,19.0,16.15,13.81,13.89,13.61,12.66,8.55,8.26,6.9,7.12,7.69,7.85,7.53,7.97,8.88,8.49,8.51,8.62,10.26,11.89,14.47,15.77,16.5,16.71,16.2,16.02,14.28,12.93,12.11,12.72,12.89,12.04,12.98,15.39,12.04,16.56,14.62,16.98,19.18,17.41,17.31,19.31,19.59,20.34,20.22,19.96,20.32,22.79,20.6,20.82,18.87,17.6,17.19,17.85,14.93,13.64,13.57,12.78,12.6,12.09,11.73,12.86,14.3,14.38,16.28,14.7,14.82,16.72,18.17,11.67,11.34,11.9,10.92,11.78,11.7,11.75,11.94,11.87,11.78,11.94,12.13,13.65,15.47,16.24,15.56,16.05,16.15,15.65,14.9,10.93,11.0,14.49,21.61,20.06,22.47,22.79,22.29,23.66,23.89,22.01,24.14,23.75,27.17,26.77,25.47,24.36,21.51,21.64,20.18,19.85,18.71,17.83,18.78,17.65,18.23,18.03,20.07,17.81,18.76,17.49,18.54,18.5,18.51,17.96,18.64,17.83,18.37,14.77,14.62,15.17,14.05,14.09,15.18,17.25,16.94,16.71,15.83,15.43,15.83,17.18,19.14,18.9,18.39,17.96,18.83,18.9,20.2,20.86,22.51,23.3,23.65,21.75,23.05,23.45,24.66,24.18,24.83,26.43,24.12,23.55,23.86,23.07,24.0,23.67,23.87,20.05,20.51,18.89,19.77,19.51,18.54,17.7,21.27,23.83,27.04,19.98,17.98,17.81,18.47,17.64,18.43,17.86,17.13,17.5,15.85,12.09,10.62,15.43,14.94,15.69,15.17,14.53,14.7,15.19,16.82,15.64,15.97,16.98,19.13,19.38,18.85,20.51,20.12,21.1,21.49,21.62,20.21,20.73,18.86,18.0,15.68,15.57,15.58,14.48,15.31,14.15,13.85,13.26,13.09,13.61,13.51,12.37,11.83,12.78,12.0,11.44,10.99,9.65,9.1,9.81,9.94,9.47,9.56,9.51,9.63,9.23,10.04,11.3,10.49,9.47,9.68,11.19,7.33,6.24,6.32,7.72,6.8,7.58,8.56,7.5,7.81],"w_gsec5":[65.86,65.04,59.98,58.43,57.13,58.54,62.98,63.31,68.79,72.2,73.65,73.18,74.14,76.82,83.06,84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